Canada posted its largest trade surplus since 2008 in May and carried a surge in oil prices as western nations imposed energy sanctions on Russia, the state statistics agency said on Thursday.
Total exports this month rose 4.1 percent to CA$68.4 billion (US$52.6 billion), up 10th in 12 months, while total imports rose 0.7 percent to CA$63.1 billion Canadian dollars (US$48.6 billion) declined.
As a result, Canada’s trade surplus widened to CA$5.3 billion (US$4.1 billion) in May from CA$2.2 billion (US$1.7 billion) in April, Statistics Canada said.
The surge in exports was led by oil, which has surged amid supply constraints following Russia’s invasion of Ukraine.
Business jet sales to the United States also skyrocketed, as did potash shipments — mostly to Brazil — to a record high as buyers looked to new supplies via Russia, which is the largest exporter of fertilizers.
Exports of copper ores and concentrates also increased, mainly to South Korea.
Meanwhile, imports of clothing and shoes, pharmaceutical and medical products, and commercial aircraft from the United States fell.
The decrease was partially offset by an increase in imports of basic chemicals, mainly due to pharmaceutical ingredients from Ireland.
Canada’s trade surplus with the United States — its largest trading partner — also widened to CA$14.0 billion (US$10.8 billion) in May, from CA$12.9 billion (US$9.9 billion) in April off, setting another record high.
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